The BTC price continues to decline on May 17th, hitting a 3-month low. If you are a crypto enthusiast, you probably know the struggle with bitcoin at the moment.
Most investors blame BTC dip on Tesla’s CEO tweets. You might be aware of how Elon Musk is attacking Bitcoin through his Twitter account. However, as much as social media has impacted the BTC price movement, some industry experts have noticed nothing new with the recent bitcoin fluctuations, as the same had happened before.
@Rektcapital, a crypto analyst and trader, reviewed the current BTC behaviors through a Tweeter post on 17th May. They compared 2021 Bitcoin’s pullbacks, corrections, and dips to what the asset had in 2017.
According to the analyst’s tweet, BTC had 12, 10% – 25% deeps and 6, 30% – 40% corrections in 2017, resulting in a total of 18 bitcoin pullbacks. So far this year, bitcoin has 6, 14% – 26% dips and 2, 31% – 35% corrections, leading to a total of only 7 pullbacks.
2021 BTC Dips and Corrections
Bitcoin price declined to the lowest point this year on 17th May since February, after reaching $43,825. Keep in mind that bitcoin has had a dropping trend since the previous week. However, the current fall seems unusual as the coin dropped by 22.5%, from a high of more than $59,000 on 10 May.
When writing this, CoinGecko reported that Bitcoin is currently 26.6% down over the last 30 days. In 2021, BTC has witnessed consistent corrections also. On 8th Jan the digital coin had a 2-week correction, after reaching its highest price of $42,100.
Bitcoin rose to a new high of $58,321 on 8th Feb. however, the digital coins had a sharp 26% decline afterward. Also, in March, BTC had a slight correction after reaching $61,750. The asset followed the increase with a correction of 18% in the following eleven days.
Indeed, bitcoin has been struggling to move higher since hitting its all-time highest price on 14 April, after crossing the $64,800 mark. According to stats, BTC failed to reclaim its $60,000 level after falling below the support level on April 18.